Remittance from Korea to Vietnam Part 1 - How to make foreign remittance from South Korea to Vietnam?

We know how to make a foreign remittance from the U.S., the UK and Japan to Vietnam, and understand how important these remittances are to Vietnam’s economy.

In this article, we will find out the solutions to making foreign remittances from Korea to Vietnam and the way they affect Vietnam’s economy.

Why does South Korea have many Vietnamese immigrants?

*Vietnamese migration to South Korea began later, but quickly grew to a much larger scale; their population consists mainly of migrant workers, South Korean citizens that were born there of full or partially Vietnamese origin, and women introduced to local husbands through marriage agencies. In 1994, 20,493 labor migrants went from Vietnam to South Korea on traineeship visas; by 1997, this had risen by about 10% to 22,325.

Migrants were mostly male and untrained and were employed in small and medium-sized companies in labor-intensive industries such as fishing and manufacturing. Spousal migration has a darker history: during the Vietnam War, some of the more than 300,000 South Korean soldiers and civilian support staff stationed in Vietnam seized Vietnamese women and brought them back to Korea. However, many of these marriages ended in divorce.

Spousal migration would not become a large-scale phenomenon until the 1990s, when South Korean men, who outnumber South Korean women by about 8%, began to turn to marriage agencies to seek brides in overseas countries, including Vietnam.

As of 2006, 5,000 Vietnamese brides immigrate to South Korea every year. Korean men married to Vietnamese women typically meet on marriage tours, which are sometimes subsidized by rural governments keen on increasing birthrates in the Korean countryside. These subsidies are given only after a while when couples settle down in Korea. There are still problems to this day regarding human rights in these particular marriages. There are many South Korean of partially and fully Vietnamese descent too.*

*Sourced by Wikipedia

Vietnam is always in the top 10 countries and the life of 50.000 workers in South Korea

On a technology motorbike taxi ride, I met a worker who recently returned to Vietnam from Korea, he let me know that he sent home an average of 20 - 30 million VND, some months when you can get even more by rewards.

That's the life of one of 50,000 workers in Korea. That is the life of one in 50,000 workers in Korea. When I asked him about his work and life in Korea, he answered me:

“Working in the factory should not be too difficult, about 2 weeks you can get used to the job. However, Vietnamese workers often register for 1 day to work on 2 shifts (sometimes register for night shifts to receive rewards), so life is a bit difficult.

However, here, I learned their working style as well as the seriousness of their work. For example, if your shift starts at 8 o'clock, you always have to arrive 5 minutes early to prepare everything before starting work. That attitude will probably follow me for the rest of my life even when I return to Vietnam.”

The above amount is for 1 worker working in Korea, if multiplied by 50,000 people, the average number sent to Vietnam can be more than 109 million USD. That is the total number of remittances from South Korea to Vietnam in 2022.

How to make a foreign remittance from South Korea to Vietnam in modern life?

3 best ways to make a foreign remittance from South Korea

Through some cross border money transfers like MoneyGram.

MoneyGram provides money transfers and other financial services globally using both digital and retail platforms. Consumers can send money internationally to friends and family, pay bills, and more. with affordable fees and the best rates.

Especially now you can send remittances to MoneyGram and the receivers in Vietnam can get this money in only a few minutes through the collaborating services between MoneyGram and FinFan - one of the leading remittance and payment fintech companies in Vietnam.

The partnership enables FinFan customers to connect to the MoneyGram platform and distribution network in over 200 countries and territories. The connection will especially benefit consumers who send money to Vietnam worldwide.

Faster, safer, and cost-effective is what should be said about this real-time money transfer service platform. Through a single API payment gateway, every transaction of the customer is processed faster and more efficiently. Besides, it also helps FinFan-MoneyGram maintain a low cost of transactions as well as improve the customer experience.

With the support of the FinFan's Ewallet Aggregator product, senders can send money from the South Korea directly to popular e-wallet accounts in Vietnam, such as MoMo, ZaloPay, VNPay, etc., in just three simple steps.

Through some online remittance services such as WorldRemit/SentBe.

WorldRemit is a digital money transfer service with a mission to make money transfers faster, more transparent, and affordable. As a digital service with no physical presence, they can reduce operating costs so that your senders benefit from it.

Over the last ten years, WorldRemit has grown to serve 5.7 million customers, using 70 different currencies, across 130 countries worldwide. With various options for sending transfers to loved ones overseas, including bank transfer, mobile money, and cash pickup, WorldRemit’s made it convenient for you to send money, and for your family and friends to receive it. 95% of our transfers are ready in minutes, and with more than 125,000 five star reviews, you can be sure that your money is in safe hands.

SentBe is a cross-border payment company in South Korea. Partnering with FinFan, SentBe provides a service, that helps senders make remittances from South Korea to Vietnam directly to ewallets of recipients. With the support of the FinFan's Ewallet Aggregator product, senders can send money from South Korea directly to popular e-wallet accounts in Vietnam, such as MoMo, ZaloPay, VNPay, etc., in just three simple steps.

Through post offices

Even though technology has developed so quickly, the post office has been still existing to send remittances from South Korea to Vietnam through money orders.

This is a domestic money transfer facility through the post office. Money sent through money order is paid at the doorstep of the payee and this service is available in all post offices.

Remitters can pay the amount in cash or Cheque at the booking office and the charge for the service is no charges applied to receivers.

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

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